Indian Government Considers Tax Relief Measures

The Indian government is considering announcing a new scheme with concessional corporate tax rates for new manufacturing units in the upcoming Budget to support private investment. The previous 15% tax rate scheme for manufacturing companies ended in March 2024, with discussions ongoing for a new similar scheme. Additionally, there are expectations for potential tax relief measures, including increasing the standard deduction and basic exemption limit under the new tax regime in Budget 2024, aiming to make it more attractive for taxpayers. Meanwhile, in the UK, various political parties are outlining their tax plans ahead of the July 4 general election, with tax becoming a significant topic of discussion among voters and parties.